Natural Resource Partners LP (NRP) is a natural resources company that owns and manages mineral rights, with its soda ash segment operating through Sisecam Wyoming, a trona mining and processing operation in the Green River Basin of Wyoming. Revenue is generated through the sale of soda ash produced from trona ore, with royalty obligations paid to the state of Wyoming, the U.S. Bureau of Land Management, Sweetwater Royalties LLC, and private parties based on production volume and soda ash value (per the 10-K filed 2026-02-27). Sisecam Wyoming mines trona from beds 24 and 25 at depths of 800 to 850 feet, benefiting from shallower deposit access relative to other Green River Basin operators, which enables continuous mining technique and single-shaft hoisting efficiencies. Domestic shipments rely exclusively on Union Pacific Railroad under a contract expiring December 31, 2028, with over 90% of soda ash shipped via that single rail line in FY2025.

Revenue model

Transactional revenue from soda ash sales; royalty payments owed to landowners and government bodies are calculated as a percentage of soda ash value sold, with minimum production volume thresholds and annual rental obligations regardless of sales activity (per 10-K filed 2026-02-27).

Products and services

Soda ash (sodium carbonate) produced from trona ore mined at the Green River Basin facility in Wyoming (FY2025, per 10-K filed 2026-02-27).

Customers and end markets

Domestic customers assisted with freight arrangement for the majority of shipments in FY2025; end markets not specified by name in the filing excerpts provided.

Value-chain role

Upstream mineral extraction and processing; mines trona ore and converts it to soda ash for sale to downstream customers.

Geographic exposure

Green River Basin, Sweetwater County, Wyoming; domestic rail distribution via Union Pacific Railroad (FY2025, per 10-K filed 2026-02-27).

Source: SEC 10-K, filed 2026-02-27

Industry: Bituminous Coal & Lignite Surface Mining Peers: ARCH RESOURCES, INC. Centrus Energy Corp Core Natural Resources Inc Energy Fuels Inc Enviva, LLC HALLADOR ENERGY CO NACCO Industries Inc Uranium Energy Corp